EssilorLuxottica to Buy Supreme

In a surprise move, the Italian eyewear group EssilorLuxottica has reached an agreement to buy streetwear juggernaut Supreme from VF Corp. for $1.5 billion in cash, the company said Wednesday.

The deal was struck at a significant discount to the $2.1 billion VF Corp. paid when it acquired Supreme in 2020. That purchase cemented Supreme’s position in fashion’s mainstream, but raised questions about how far it could scale while preserving…